ELLANDI APPOINTED AS ASSET MANAGER FOR INTU MILTON KEYNES
Posted by Retail Week on 25th Sep 2020
Property group Ellandi has been appointed asset manager for Intu’s Milton Keynes shopping centre.
The transfer of the centre follows retail property giant Intu’s administration in June and Ellandi has appointed Savills as managing agent for Intu Milton Keynes, which will be rebranded.
Milton Keynes is the second of Intu’s malls Ellandi has taken over, following Merry Hill in the West Midlands.
Ellandi partner and co-founder Morgan Garfield said: “For two decades, the centre has been an incredibly important focal point for the city’s people and its economy.
”We’re thrilled at the opportunity to continue its legacy and are committed to improving the existing offer with new operators and complementary uses. The centre will continue to support local shoppers and the wider community.”
KPMG partner and Intu administrator Jim Tucker said: “This is the third Intu centre to migrate to new management in little under two weeks, further underscoring the hard work and commitment from all stakeholders to effect smooth and orderly transitions.”
Intu’s demise reflected tough conditions in retail property. Changes to shopping habits, such as more buying online, put pressure on valuations. The coronavirus outbreak and resulting lockdown, when many stores were closed and many retailers did not pay rent, accelerated problems. Landlords have also been impacted by a wave of retail CVAs resulting in store closures and lower rents.